Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant properties ("FCPT" or the "Company"), closed on the purchase of a PNC Bank property for $1.5 million. The property is located in Michigan, is leased to the corporate operator under a triple-net ground lease with approximately 5 years of term remaining and has high deposits according to the FDIC. The transaction was priced at a 6.7% going-in cash cap rate, exclusive of transaction costs.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
Gerry Morgan, 415-965-8032